Tuesday, Nov 29, 2022
International Finance
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Nigeria launches Africa’s first digital currency after banning crypto exchanges

Nigeria digital currency-IFM-image
The e-Naira could potentially boost Nigeria's GDP by $29 bn over the next decade

Nigeria became the first African country to launch a digital currency, the e-Naira. The Central Bank of Nigeria is now among the few central banks across the world to launch a digital currency. It has joined the likes of the Bahamas and the Eastern Caribbean Central Bank to be among the first jurisdictions in the world to launch national digital currencies.

In a press release, the central banks said, the launch, “Marks a major step forward in the evolution of money and the CBN is committed to ensuring that the e-Naira, like the physical Naira, is accessible to everyone.”

The e-Naira has the potential to boost Nigeria’s Gross Domestic Product (GDP) by up to $29 billion over the next decade, according to the Nigerian president, Muhammadu Buhari.

During the unveiling of the e-Naira, he said, “Nigeria has become the first country in Africa, and one of the first in the world to introduce a digital currency to her citizens. The adoption of the central bank digital currency and its underlying technology, called blockchain, can increase Nigeria’s gross domestic product by $29 billion over the next 10 years.”

Central bank Governor Godwin Emefiele revealed during the launch that since the launch of the e-Naira platform, it has received more than 2.5 million daily visits, with 33 banks integrated on the platform, $1.2 million successfully minted and more than 2,000 customers onboarded.

Recently, it was also reported that with a population of 211 million, Nigeria’s digital currency trial is now the second-largest behind China’s digital yuan.

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